Capital One (COF)? This is the diciest, in that we got a quadruple quickly without any turn in the business. The fact that it "didn't need" capital was perceived as being a "sham" by many shorts I have talked to. I am biased: I told people to sell it at $25. That's where I want the deal if I want in.

BB&T Corp. (BBT) is a conservative bank that stumbled right at the end, right at the top, moving out of traditional markets to ones that turned down fast. But it didn't destroy its franchise, and I think that low $20s is a win.

US Bancorp (USB) is a mini-Wells Fargo (WFC), so I want to buy this one down 15% from its last trade of $20. So, if you can get it at $17, I think it works. Bad loans are growing here pretty quickly, but the company told an honest tale on the last quarter, and I can see this one being the most conservative of tonight's deals.

KeyCorp (KEY) is the wild card. Boy, I think this bank's weak. This is the first stress-test "failure" bank, meaning that this is the one that I thought should have been forced to merge with another bank. I do not want to touch it, as it has been poorly run, and I don't see any change in that. I would rather wait for a deal from Huntington Bancshares (HBAN), as that company has changed teams up top and has an aggressive management putting the past behind it.

I would rather wait for a deal from Huntington Bancshares (HBAN), as that company has changed teams up top and has an aggressive management putting the past behind it.